Ba Ria-Vung Tau poised for economic boost with million-dollar industrial park

Deputy Prime Minister Tran Hong Ha recently signed Decision No. 996/QD-TTg in mid-September, approving the investment policy for the expansion of My Xuan B1 - Conac Industrial Park (IP) in Ba Ria-Vung Tau province.

IDICO Petroleum Construction Investment JSC (CONAC) has been approved as the investor, contributing $15.44 million towards the total $79.56 million investment. The project will be implemented in Phu My, with a timeline of up to 24 months from the date of land handover, and an operational period of 50 years from September 17.

The DPM has tasked the Ministry of Planning and Investment with overseeing project appraisals and managing the industrial zones as per the Law on Investment and other related legislation.

Relevant ministries and agencies are responsible for appraising specific project aspects within their remit, in line with the Investment Law and related regulations. Additionally, Ba Ria-Vung Tau People's Committee is required to ensure accurate reporting and compliance with approved plans, as well as to supervise the project's alignment with local planning standards.

The My Xuan B1-CONAC Industrial Park located in Ba Ria - Vung Tau. Photo: VGP

The committee has been tasked with directing the management board of IPs and other relevant agencies to guide the investor through the necessary construction procedures. The committee will also ensure the project's location, scale, and land use conform to national standards and safety regulations.

My Xuan B1 - Conac IP originally received its investment certificate in 2012, with 163 hectares of industrial land available for lease. In July 2018, the investor proposed an expansion due to 100 per cent occupancy. The initial proposal aimed to expand by 251 hectares, split between industrial land and reserve development. However, only hectares were approved for expansion, which corresponds to the recently approved project.

Ba Ria-Vung Tau currently has 17 IPs, 13 of which are operational, covering 7,243ha. Four additional parks, including the My Xuan B1 - Conac expansion, are planned but have yet to engage significant investment.

Since the beginning of 2024, the operational IPs in the province have attracted projects with a total investment capital of $2.56 billion, 4.5 times higher than the same period in 2023.

The province plans to establish 24 IPs by 2030, with a focus on developing a key economic corridor centred on industry and the Cai Mep - Thi Vai seaport complex, connected to inter-port transportation systems and National Highway No.51.

During the 22^nd session of Ba Ria-Vung Tau People’s Council in mid-July, Nguyen Cong Vinh, Vice Chairman of Ba Ria-Vung Tau People’s Committee, emphasised that while the province aims to draw in strategic investments, it is not focused on rapid expansion. “The key is ensuring that projects, even if not requiring large land areas, provide effective investment returns,” Vinh said.

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